PANWAYS Ghana secures stake in proposed petroleum hub

PANWAYS Ghana, a subsidiary of PANWAYS Group Srl of Italy through its wide global business network, has secured stake in proposed petroleum hub project in Jomoro in the Western Region.

This is because, PANWAYS has attained the facilitation authorization to lead the operations of GAZPROM, one of the largest producers and exporters of Liquefied Natural Gas (LNG) company in Russia to undertake the proposed project.

Meanwhile, the Country Director of GAZPROM, Patrick Kwesie, in an interview, praised the team handling the project.

Also, he expressed optimism that the project will greatly benefit Ghana and the people of Jomoro.

“GAZPROM’s interest in the Ghana National Petroleum-Hub project will be of immense benefit to the economy of Ghana.” Mr. Patrick Kwesie said.

Mr. Patrick also noted that, the Lead Consultant of GAZPROM, Dr. Ing. Luigi Brescia, who doubles as the President of PANWAYS Group Srl, will be providing the technical assistance for GAZPROM.

He further iterated their commitment as a company to supporting the government activities that will develop the country.

“PANWAYS GHANA is ready to support the government on her drive to move the economy forward. It is our fervent wish that we will be able to work in ensuring that the interest of both GAZPROM and government of Ghana is achieved.”

Moreover, on human capital, he mentioned that the company is very committed to building the human capital base of the local indigenes.

He further hinted that, the company will set up an institution that will train people in oil and gas.

“The company also envisions supporting the human capital in the Nzema enclave with the setting up of the Annor Adjaye Technical Institute at Bawia with concentration in oil and gas and its related commercialization activities” he added.

More so, PANWAYS Ghana, a native Nzema company, has global presence but with particular interest in Africa in Industrial Forecasting and Development for 3 years.

The proposed $50 billion petroleum hub is one of the government’s strategic anchor initiatives that would serve as a new pillar of growth to the Ghanaian economy. This initiative will boost employment situation in the country. It will also generate more revenue going forward.

In addition, it is expected to accelerate the growth of Ghana’s petroleum downstream sub-sector and make it a major player in the economy and, consequently, ensure development of sustainable value, wealth creation and the progress of the industry.

However, the petroleum hub, which will occupy a land space of about 20,000 acres, would have four refineries each with a capacity of 150,000bpd. It will also have two oil jetties, storage tanks for crude and two petrochemical plants.

The project, which is a private sector led initiative, is expected to be completed by 2030..

The development of the private sector has been recognized as the means to accelerate the rapid Industrialization desired by developing countries. Some experts also described the private sector as the engine of growth for the modern economies.

In light of this, Ghana embarked on some private sector led initiatives. Recently, the Ministry of Finance has signed an agreement with the European Investment Bank (EIB) for €170 million for the establishment of Development Bank Ghana (DBG).This move was expected to provide he needed capital for the private sector to thrive.